Global X 推出采用动态风险管理策略的比特币 ETF

Global X 推出了具有风险管理策略的动态比特币 ETF。 Global X 比特币趋势策略 ETF 旨在通过使用 CoinDesk 比特币趋势指标来管理风险。其在比特币期货和国债之间的动态分配每周根据指标信号进行调整。

How Global X's New Bitcoin ETF Manages Risk

Global X 的新比特币 ETF 如何管理风险

Global X has launched a new crypto ETF in the US that aims to tame the volatility of bitcoin prices. The Global X Bitcoin Trend Strategy ETF (BTRN US) tracks an index that uses the CoinDesk Bitcoin Trend Indicator (BTI) to determine when to allocate to bitcoin futures or short-term US Treasuries.

Global X 在美国推出了一款新的加密货币 ETF，旨在抑制比特币价格的波动。 Global X 比特币趋势策略 ETF (BTRN US) 追踪一个指数，该指数使用 CoinDesk 比特币趋势指标 (BTI) 来确定何时配置比特币期货或短期美国国债。

What's the Secret Sauce?

秘制酱汁是什么？

The BTI is a daily signal that measures bitcoin's price momentum and direction. It compares bitcoin's short-term and longer-term moving averages to determine its signal. Based on the BTI, BTRN adjusts its allocation between bitcoin futures and short-term Treasuries every week.

BTI 是衡量比特币价格动量和方向的每日信号。它比较比特币的短期和长期移动平均线以确定其信号。 BTRN 根据 BTI 每周调整比特币期货和短期国债之间的配置。

How Does It Work?

它是如何工作的？

When the BTI indicates a strong uptrend, BTRN allocates 100% to bitcoin futures. In a moderate uptrend, the allocation shifts to 75% bitcoin futures. In times of no discernible trend, the ETF splits its allocation evenly between bitcoin and US Treasuries. Conversely, during a moderate downtrend, the allocation reduces to 25% bitcoin. Lastly, in the event of a significant downtrend, the ETF allocates entirely to US Treasuries.

当 BTI 显示强劲上涨趋势时，BTRN 将 100% 分配给比特币期货。在温和的上升趋势中，配置转向 75% 的比特币期货。在没有明显趋势的时期，ETF 会在比特币和美国国债之间平均分配其配置。相反，在温和的下跌趋势中，比特币配置减少至 25%。最后，如果出现大幅下跌趋势，ETF 将全部配置为美国国债。

What's the Payoff?

回报是什么？

BTRN aims to offer investors potential enhancements to risk-adjusted performance compared to direct investments in bitcoin or bitcoin futures. By dynamically adjusting its allocation based on market conditions, the fund seeks to alleviate the impact of drawdowns, which can be particularly severe in the crypto realm.

与直接投资比特币或比特币期货相比，BTRN 旨在为投资者提供风险调整后业绩的潜在增强。通过根据市场状况动态调整其分配，该基金寻求减轻回撤的影响，这种影响在加密货币领域尤其严重。

Historical Proof?

历史证明？

According to CoinDesk, backtesting over the past five years suggests that a hypothetical portfolio combining bitcoin and cash guided by the BTI would have reduced exposure to bitcoin during periods of market downturns while still participating in price uptrends.

据 CoinDesk 称，过去五年的回溯测试表明，在 BTI 指导下结合比特币和现金的假设投资组合将在市场低迷时期减少比特币风险，同时仍参与价格上涨趋势。

What's the Catch?

有什么问题？

While BTRN's expense ratio matches that of the largest bitcoin futures ETF, its price tag is higher than the lowest-cost spot bitcoin ETFs. However, BTRN's risk-managed approach may appeal to investors seeking a more balanced exposure to bitcoin.

虽然 BTRN 的费用比率与最大的比特币期货 ETF 相当，但其价格高于成本最低的现货比特币 ETF。然而，BTRN 的风险管理方法可能会吸引寻求更平衡的比特币投资的投资者。